06/11/09
TSX reports record year for mining finance
The financing drought appears to be over, at least in Canada, where the Toronto Stock Exchange has reported a record nine months of fundraising by mining companies Full story...IMF sells gold to India
The International Monetary Fund (IMF) has sold to the Reserve Bank of India just under half of the 403.3t of gold that it had announced in September as earmarked for sale Full story...Peru seizes Inca Pacific security
The Peruvian government agency, Activos Mineros, has withdrawn the US$3 million deposit paid by Inca Pacific Resources Inc as security against its investment commitments on the Magistral project Full story...Zimbabwe: Marange allocation and legal engagement
The Kimberley Process, a watchdog to prevent trade in conflict diamonds, has decided not to suspend Zimbabwe from its certification scheme despite international concern about human rights abuses at the country’s Marange diamond deposit Full story...Monterrico project attacked by gunmen
Monterrico Metals plc’s Rio Blanco project in Peru has been attacked by up to 20 gunmen, who killed at least two employees and razed buildings to the ground Full story...DRC court charges First Quantum US$6 million
The Democratic Republic of the Congo’s highest civil court has ruled that the cancellation of the licence for the Kolwezi copper-cobalt project can be upheld and has fined majority-owner First Quantum Minerals Ltd US$6 million in damages Full story...
Production and Markets
BHPB strengthens Pilbara position with Newman hub
BHP Billiton officially opened its “Newman mining hub” at its Western Australia iron-ore operations this week, which will be the centre of the company’s mining, crushing and screening activities in the eastern Pilbara region Full story...
Goldcorp hurt by foreign exchange
Vancouver-based Goldcorp Inc suffered a 62% fall in profit in the September quarter, largely due to foreign-exchange losses Full story...IMF sells gold to India
The International Monetary Fund (IMF) has sold to the Reserve Bank of India just under half of the 403.3t of gold that it had announced in September as earmarked for sale Full story...SA Charter
The South African Department of Minerals and Energy has completed its review of the country’s Mining Charter, which will now be forwarded to the Chamber of Mines for consultation Full story...Russian gold output up almost 15%
Russian gold production has increased 14.6% in the first nine months of 2009 compared to the same period in 2008, the Russian Gold Industrialists’ Union has said Full story...OK approval
Norseman Gold plc has approved development of the OK Decline, the third mine at its Norseman gold operation Full story...Ravensthorpe interest
Minara Resources Ltd has confirmed it is taking part in the sale process for BHP Billiton’s mothballed Ravensthorpe nickel mine in Western Australia Full story...Quebec deaths
The bodies of three miners killed in a flood at an underground mine in Quebec have been recovered Full story...Kloof accident
Work in a section of Gold Fields Ltd’s Kloof mine has been suspended after an employee was killed at the operation Full story...Sylvania teams up with Jubilee
Sylvania Resources Ltd and Jubilee Platinum plc have formed a strategic alliance aimed at providing a complete mine-to-metal solution in South Africa’s platinum group metal (PGM) industry Full story...AngloGold cuts forecast
AngloGold Ashanti Ltd has cut its production forecast for the year to end-December again due to a two-month closure at its Tau Tona mine Full story...Sepon expansion
Minerals and Metals Group Ltd (MMG), owned by China Minmetals Corp, has reinitiated a US$60.4 million expansion at its Sepon copper operation in Laos that will increase annual copper cathode capacity by 24% Full story...DRC court charges First Quantum US$6 million
The Democratic Republic of the Congo’s highest civil court has ruled that the cancellation of the licence for the Kolwezi copper-cobalt project can be upheld and has fined majority-owner First Quantum Minerals Ltd US$6 million in damages Full story...Exploration & Development
Eldorado boosts Efemçukuru
Eldorado Gold Corp has announced a second update to its Turkish properties in as many weeks, with a resource increase for the Efemçukuru project, near Izmir, following the earlier upgraded estimate for the Kisladag mine Full story...
Gold Fields outlines advanced projects
Presenting Gold Fields Ltd's advanced exploration projects at the group's investor day, head of exploration Tommy McKeith highlighted the new discovery at Chucapaca in southern Peru. Full story...Peru seizes Inca Pacific security
The Peruvian government agency, Activos Mineros, has withdrawn the US$3 million deposit paid by Inca Pacific Resources Inc as security against its investment commitments on the Magistral project Full story...Intex receives Mindoro reserve
An independent reserve estimate for Intex Resources ASA’s Mindoro nickel laterite project in the Philippines indicates a 96% conversion rate from measured and indicated resources to proven and probable reserves Full story...Saracen adds Karari to Carosue Dam
The mine life for Saracen Mineral Holdings Ltd's planned Carosue Dam gold project in Western Australia has been extended by at least two years, owing to the addition of the Karari deposit to overall reserves. Full story...Koka could support mine
A scoping study for Chalice Gold Mines Ltd indicates that the company’s 80%-owned Koka gold deposit, part of its Zara property in Eritrea, could be developed into a 110,000oz/y operation. Full story...Integra outlines plan to double Randalls output
Integra Mining Ltd has given further details of its plan for the second phase of operations at its planned Randalls gold project in Western Australia. Full story...Santa Rita concentrate
Mirabela Nickel Ltd has produced the first concentrate from its Santa Rita nickel sulphide mine in Brazil. Full story...Highland intercepts
Exploration drilling near Highland Gold Mining Ltd’s Mnogovershinnoye gold mine in Far East Russia has intersected new high-grade mineralisation. Full story...Karara approval
Gindalbie Metals Ltd is to begin construction of the joint-venture Karara iron-ore project in Western Australia, after receiving environmental approval from the Australian federal government Full story...Atac's Tiger results
The final assays from Atac Resources Ltd’s drilling programme at the Tiger zone of its Rau gold property in Canada’s Yukon Territory have yielded results consistent with previous holes, according to the company. Full story...Copaquire study indicates further potential
George Sookochoff, president and chief executive of International PBX Ventures Ltd’s, says a scoping study for the company’s Copaquire copper-molybdenum-rhenium project in Chile indicated further resources could be added to the resource. Full story...Tulawaka assays
MDN Inc has received assays from underground drilling at the 30%-owned Tulawaka gold mine in Tanzania, which it reports were sufficiently positive for the programme to be extended twice, initially by one month, then again by three to four months. Full story...Imperial, Highlands report major intersections
Deep drilling at the Red Chris and Frieda River copper gold projects has returned very long intervals of mineralisation, report Imperial Metals Corp and Highlands Pacific Ltd Full story...Salamanca results
Berkeley Resources Ltd has received initial results that confirm historic drilling at the Mina D deposit at its Salamanca uranium property in Spain. Full story...Mt Cattlin approval
Galaxy Resources Ltd has received mining approval from Western Australia’s Department of Mines and Petroleum for its Mt Cattlin spodumene project near Ravensthorpe in the state Full story...Speewah intercepts
NiPlats Australia Ltd, which is infill drilling the Speewah vanadium project in Western Australia, said results from the holes confirm the Central deposit as a “very continuous 6km x 2km slab of vanadiferous magnetite gabbro” Full story...New Chatree zone
Kingsgate Consolidated Ltd has discovered a new zone of gold mineralisation near its Chatree gold mine in Thailand Full story...Tulkubash assays
Chaarat Gold Holdings Ltd has tested the Tulkubash zone at its namesake gold property in Kyrgyzstan, intersecting mineralisation hosted by quartzites. Full story...New Durack zone
Montezuma Mining Company Ltd reports intersection of a new zone of mineralisation near the resource at the Durack property in Western Australia, in which it is earning an 85% interest Full story...Aurizona intercepts
Assay results from Luna Gold Corp’s deep-drilling programme at the Aurizona gold property in Maranhão, Brazil, have, the company said, intersected mineralisation at about twice the depth of the Piaba resource outlined earlier this year Full story...Taseko's Prosperity reserves rise 70%
Taseko Mines Ltd has revised its reserve estimate for its Prosperity porphyry copper-gold project in south-central British Columbia. Full story...Taseko's Prosperity reserves rise 70%
Taseko Mines Ltd has revised the reserve estimate for its Prosperity porphyry copper-gold project in south-central British Columbia Full story...Monterrico project attacked by gunmen
Monterrico Metals plc’s Rio Blanco project in Peru has been attacked by up to 20 gunmen, who killed at least two employees and razed buildings to the ground Full story...Finance
TSX reports record year for mining finance
The financing drought appears to be over, at least in Canada, where the Toronto Stock Exchange has reported a record nine months of fundraising by mining companies Full story...
Equity firms open to project financing
In the current market, private equity firms will increasingly offer an alternative to banks as a source of project funding, according to directors at DCM Structured Finance, a financial advisory firm based in London Full story...London Mining trades on AIM bourse
London Mining plc launched on the AIM market this week, in an effort to attract greater trading volumes and coverage as it progresses its global iron-ore assets Full story...Troy board battle ends amicably
The boardroom battle at Troy Resources NL has been settled without the need for an extraordinary general meeting, but heads have had to roll to bring an end to the bust-up Full story...Mwana secures funds
Mwana Africa plc has secured US$10 million in debt funding for its Freda Rebecca gold mine in Zimbabwe from Industrial Development Corp of South Africa Full story...Vedanta not affected
Fitch Ratings agency said that Sesa Goa Ltd’s receipt of an investigation notice from the Indian government’s Ministry of Corporate Affairs would have no immediate rating impact on the iron-ore producer’s 57.1%-owner, Vedanta Resources plc Full story...Kalahari share offer
Niger Uranium Ltd has proposed the payment of a special dividend, comprising the majority of its holding in Kalahari Minerals plc, to its shareholders Full story...Sentula drops Koornfontein sale
Sentula Mining Ltd says that the R686 million (US$90 million) sale of its interest in the Koornfontein coal mine has been terminated, and that a previously-announced rights issue will now go ahead as planned Full story...Union calls for 'Rich List' nationalisation
South Africa’s National Union of Metalworkers (Numsa) has called for the nationalisation of the assets of South Africa’s richest black citizens following the release of a ‘Rich List’ by a prominent Sunday newspaper Full story...Lion-Asia Polaris bid exempt
The Australia Foreign Investment Review Board has ruled that the cash bid by Lion-Asia Resources Ltd for Polaris Metals NL is exempt from needing FIRB assessment Full story...Zimbabwe: Marange allocation and legal engagement
The Kimberley Process, a watchdog to prevent trade in conflict diamonds, has decided not to suspend Zimbabwe from its certification scheme despite international concern about human rights abuses at the country’s Marange diamond deposit Full story...Harmony profits drop
Harmony Gold Mining Company Ltd says increased labour and electricity costs have contributed to a 26% cut in cash operating profit to R552 million (US$72 million) in the September quarter against the previous three months Full story...IAMGold seeks Sadiola stake
Iamgold Corp will pay up to US$16 million to buy International Finance Corp’s 6% interest in the Sadiola gold mine in Mali, adding 21,000oz to its attributable production Full story...WISCO cleared for Australian iron-ore investment
Australia’s Foreign Investment Review Board has approved another Chinese investment in the domestic mining sector Full story...Randgold Resources, AngloGold buy more Moto
Randgold Resources Ltd and AngloGold Ashanti Ltd have announced the purchase of an extra 20% interest in the Moto gold project in the Democratic Republic of the Congo for US$113.6 million from state-owned Office des Mines d’Or de Kilo-Moto Full story...Fifth Column
Greek surprise
The departure of David Reading as chief executive of Toronto- and AIM-listed European Goldfields Ltd (EGL) is puzzling some of his fans Full story...Reports
Ghana: building on a golden past
Ghana has benefitted from its reliance on gold during the global economic downturn, but exploration and diamond production have both decreased Full story...
Liberian Progress
Since the election of the popular government of President Ellen Johnson-Sirleaf (the first female president in Africa), the country continues to improve in many areas. Generally, the country is peaceful, and local and foreign consumer goods are now abundantly available Full story...Fund Fundamentals: People first
There has hardly been an interviewee in this series that has not put ‘people’ at the top of their investment factors. A recently-formed division of Barclays Capital (BarCap; the investment banking arm of Barclays Bank plc) has, however, taken this imperative to the extreme. Perhaps uniquely, Barclays Natural Resource Investments (BNRI) targets entrepreneurs, and (in the first instance) ignores tangible assets. Full story...Audit audited
The natural-resources team of PKF (UK) LLP has published a study that is critical of financial reporting by mining companies listed in the UK Full story...Gold speculators add new dimension
As concern surrounding the global financial crisis has abated, so gold has returned to its traditional strong negative correlation with the dollar Full story...People and Appointments
New chairman for Implats
The board of Impala Platinum Holdings Ltd is set to nominate Khotso Mokhele as the its new chairman on November 11 Full story...Meyer appointed Harmony FD
Hannes Meyer has been appointed as the financial director of Harmony Gold Mining Co Ltd Full story...Minotaur chair to retire
Robert Annells has announced his intention to retire as non-executive chairman of Minotaur Exploration Ltd early next year Full story...New RIO MD
Rio Tinto has appointed David Peever as managing director, Australia, following the resignation of Stephen Creese in October Full story...Wesizwe CEO removed
Mike Solomon, chief executive of Wesizwe Platinum Ltd and the company’s former chairman, Robert Rainey, have been given written notice to step down as directors of the company Full story...Management changes at CBH
James Dunstan has been appointed chief financial officer of CBH Resources Ltd, and will take up the role following the departure of David Morbey in mid-November Full story...New CEO at Mirabela
Hannes Meyer has been appointed as the financial director of Harmony Gold Mining Co Ltd Full story...Journal Team Diary
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Log inIssue: 06/11/09
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